Minister for Science and Technology, Shibli Faraz, revealed the Pakistan Tehreek-e-Insaf (PTI) government’s aim to regulate cryptocurrency within Pakistan. He shared this during the inaugural Pakistan Blockchain Summit 2022 in Islamabad. Faraz highlighted that the State Bank of Pakistan, Securities and Exchange Commission, and Finance Division are actively collaborating on this initiative, as per Radio…
HBL, a bank, shared its financial results for the first quarter of 2024. They made a profit of Rs. 30.1 billion before tax, which is 40% more than the same time last year. After taking out taxes, the profit was Rs. 15.0 billion, up from Rs. 13.3 billion last year. The bank also decided to…
Bank Alfalah Limited, one of the biggest commercial banks in Pakistan, has officially announced its plan to acquire a majority shareholding in Samba Bank Limited. In a notice submitted to the Pakistan Stock Exchange (PSX) on Monday, BAFL shared this significant development. The notice stated, “We want to inform that M/s Arif Habib Limited, acting…
EdfaPay, a leading FinTech company from Saudi Arabia, has unveiled its ambitious plan to extend its financial technology services globally. The company aims to achieve this goal through a strategic partnership with Digikhata, a prominent financial firm based in Pakistan. This collaboration signifies a significant move towards elevating the standards of FinTech services in the…
To make it easier for people to pay their taxes, the State Bank of Pakistan (SBP) has decided that banks open on Saturdays will have longer banking hours this weekend. The SBP announced that these banks will stay open until 4:00 pm on both Saturday (March 30) and Sunday (March 31). This extension is specifically…
AL Habib Exchange, a subsidiary of Bank AL Habib, has officially started its operations in Pakistan. It has opened ten branches across four major cities: Karachi, Lahore, Islamabad, and Peshawar. Last year in September, following an announcement by Bank AL Habib, the Board of Directors unanimously agreed to establish an Exchange Company as a wholly-owned…
The Securities and Exchange Commission of Pakistan (SECP) has made a significant decision. They’ve decided that securities brokers can now offer services that comply entirely with Shariah law. This decision comes with certain rules and conditions, as outlined in the SECP’s S.R.O. 427(I)/2024, which they issued on Thursday. Here’s what the regulations say: These decisions…
MNT-Halan, a financial technology (fintech) company based in Egypt, has purchased Advans Pakistan Microfinance Bank, although the exact terms of the deal haven’t been disclosed. Established in 2017 by Mounir Nakhla, MNT-Halan provides a wide array of financial and non-financial services such as lending, “buy now, pay later” options, e-commerce, payments, and on-demand logistics. Advans,…
Pakistan has recently initiated the export of fruit to Russia via a land route spanning approximately 6,000 kilometers, marking a significant development in bilateral trade relations between the two nations. Over the weekend, sixteen trucks belonging to Pakistan’s National Logistics Corporation (NLC) transported oranges to the Russian cities of Derbent and Grozny. This endeavor has…
Today marks the 17th consecutive day of decline for the Pakistani rupee against the US Dollar in the interbank market. It started trading at 287 but continued its descent throughout the day. By 11:30 AM, the rupee showed signs of strength, climbing to 283 against the dollar, marking a gain of approximately Rs. 4 from…